I'm looking to liquidate my modest real estate portfolio in the PNW via a 1031 exchange and move into a high-yield tertiary market.

One of the benefits is that being on the loan can help build his credit, which will be valuable for his future financial goals.

I would even suggest a Primary home or Vacation home to pull the cash out of versus trying to find a lender who will agree to be in 2nd lien position behind a investment property.

Ain't that the truth Will.

For FHA, the underwriting guide says 75% of the lesser of A.) the leases/rental agreement or B.) the appraisal comp rent schedule.

I also have family ties in the real-estate industry; my uncle was the project manager for a county in GA, and another family member is the CEO of an architecture firm. 

If you don’t have HOA or pay any of the Utilities. …..now the problem is in the Tulsa area that deal that rents for $2000+ mo and can be purchased “all in” for $150K is much harder to find. 

@Matthew Strackjust to confirm, the funds you'll be using for your investment purchase are borrowed?

The punch list is taking forever to finish! 

Why don't you try the bank you do banking with..